Judge Explains Why EMI vs. Citi Trial To Go Ahead
Citigroup lost a March bid to end the lawsuit that accused it of misleading Terra Firma during the purchase of EMI because none of the related documents forced Terra Firma to sue in England, according to the judge's opinion which was finally released this week.
“As to the public factors, there is a legitimate U.S. interest in learning whether Citi, a major American bank, may be liable for fraudulent inducement, and thus subject to substantial damages,” wrote Judge Rakoff. Another major restructuring of EMI is expected in the coming weeks, as the music group seeks to prove to investors and the banks that it has both a plan and the resources to move forward.
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